(1) There is created a special revenue fund within the Transportation Fund known as the "Highway Projects Within Counties Fund."
(2) The Highway Projects Within Counties Fund shall be funded by revenues generated by a tax imposed by a county under Section 59-12-2216, if those revenues are allocated: (a) for a state highway within the county; and (b) in accordance with Section 59-12-2216.
(a) for a state highway within the county; and
(b) in accordance with Section 59-12-2216.
(3) The department shall make a separate accounting for: (a) the revenues described in Subsection (2); and (b) each county for which revenues are deposited into the Highway Projects Within Counties Fund.
(a) the revenues described in Subsection (2); and
(b) each county for which revenues are deposited into the Highway Projects Within Counties Fund.
(4) (a) The Highway Projects Within Counties Fund shall earn interest. (b) The department shall allocate the interest earned on the Highway Projects Within Counties Fund: (i) proportionately; (ii) to each county's balance in the Highway Projects Within Counties Fund; and (iii) on the basis of each county's balance in the Highway Projects Within Counties Fund.
(a) The Highway Projects Within Counties Fund shall earn interest.
(b) The department shall allocate the interest earned on the Highway Projects Within Counties Fund: (i) proportionately; (ii) to each county's balance in the Highway Projects Within Counties Fund; and (iii) on the basis of each county's balance in the Highway Projects Within Counties Fund.
(i) proportionately;
(ii) to each county's balance in the Highway Projects Within Counties Fund; and
(iii) on the basis of each county's balance in the Highway Projects Within Counties Fund.
(5) The department shall expend the revenues and interest deposited into the Highway Projects Within Counties Fund to pay: (a) for a state highway project within the county for which the requirements of Subsection 59-12-2216(6) are met; (b) debt service on a project described in Subsection (5)(a); or (c) bond issuance costs related to a project described in Subsection (5)(a).
(a) for a state highway project within the county for which the requirements of Subsection 59-12-2216(6) are met;
(b) debt service on a project described in Subsection (5)(a); or
(c) bond issuance costs related to a project described in Subsection (5)(a).
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